CFA Program
Fixed income, derivatives, portfolio theory and capital budgeting: interactive tools that line up with the CFA curriculum.
Interactive tools
Option payoff diagrams
Price calls and puts with Black-Scholes, combine up to four legs plus the underlying, and see breakevens, max profit and max loss instantly. Made for CM2, SP5 and CFA revision.
Binomial option pricing
The Cox-Ross-Rubinstein tree drawn live: European and American calls and puts, early-exercise nodes highlighted, and convergence to Black-Scholes as the steps multiply.
Bond price and yield calculator
Price from yield or yield from price, with running yield, duration, modified duration and convexity. Fixed interest for CM1, SP5 and CFA.
NPV and IRR calculator
Type a cash-flow row, get NPV at your rate, the IRR, discounted payback and the whole NPV curve. Project appraisal for CM1 and CB1.
Efficient frontier playground
Three assets with adjustable returns, risks and correlations: the frontier, the minimum-variance and tangency portfolios and the capital market line, drawn live. CM2, SP5 and CFA.
Interest rate models
Vasicek and CIR short-rate fans with mean reversion on sliders: negative-rate counts, the Feller condition, and the pull towards the long-run level made physical. CM2.
Immunisation playground
Two bonds solved to match a liability's present value and duration, and the surplus smile that proves Redington's conditions work — against a PV-only portfolio that doesn't. CM1 and SP5.